[JumpCrisscross]

> the same is true for any bank or bank-like entity, all the way up the chain to the Federal Reserve

No, it isn't. For one, ATMs. For another, bank deposits are insured. The banks, themselves, are heavily audited. In fact, "no depositor has ever lost a penny of insured deposits since the FDIC was created in 1933" [1]. (Best treasury practice is to (a) open multiple accounts, to keep deposits insured or (b) hold excess cash as Treasuries.)

[1] https://www.fdic.gov/consumers/banking/facts/

[evancox100]

Yes, exactly the issues that the rest of my post went into. I believe we're in violent disagreement.